Business Economy Energy

KOLMANI OIL AND GAS PROJECT HAS ATTRACTED OVER $3BN INVESTMENT IN FOSSIL ENERGY – PRESIDENT BUHARI

 

– Restates Net Zero Carbon Emission By 2060

President Muhammadu Buhari has declared that his administration attracted over $3bn investment in the Oil and Gas Sector at a time of near-zero appetite for investment in fossil energy.

Speaking Tuesday in Bauchi at the Flag-off Ceremony of the Kolmani Integrated Development Project, a fully integrated in-situ development project comprising upstream production, oil refining, power generation and fertilizer, President Buhari said:

“Considering the land locked location and the huge capital requirement, the economics of the project is a challenging proposition. Consequently, from the outset, I instructed NNPC Limited to utilize and leverage their vast asset portfolio across all corridors of its operations to de-risk the project to attract the much-needed investment.

“It is therefore to the credit of this administration that at a time when there is near zero appetite for investment in fossil energy, coupled with the location challenges, we are able to attract investment of over USD 3 billion to this project.”

While commending NNPCL and her partners for the successful discovery of Oil and Gas in the Kolmani River Field, the President stated that the huge investment the project had attracted “will surely be a reference subject for discussion in the industry as we pursue the just energy transition programme that will culminate in our country achieving Net- Zero position by the year 2060.”

Noting the huge benefits the project brings to the country including “but not limited to Energy Security, Financial Security as well as overall socio- economic development of the country,” President Buhari affirmed that his administration’s charge to NNPCL to explore other Oil and Gas fields beyond the Niger Delta Basins has finally yielded commendable results.

“This is indeed significant considering that, efforts to find commercial oil and gas outside the established Niger Delta Basin was attempted for many years without the desired outcomes.

“However, the successful discovery of the Kolmani Oil and Gas field by NNPC and her partners has finally broken the jinx by the confirmation of huge commercial deposits of hydrocarbons in Kolmani River field.

“This discovery had emanated from our charge to the NNPC to re-strategize and expand its oil and gas exploration footprints to the frontier basins of Anambra, Dahomey, Sokoto, Benue trough, Chad and Bida Basins. Similar activities across the other basins are currently actively on-going.

“We are pleased with the current discovery of over 1 billion barrels of oil reserves and 500 billion Cubic Feet of Gas within the Kolmani area and the huge potentials for more deposits as we intensify exploration efforts.”

Looking forward to the successful delivery of the Project which he called “another vital pillar in the Country’s economic architecture,” President Buhari urged NNPCL and partners to work with all stakeholders for a smooth execution of the project:
“I have engaged the Governors of Bauchi and Gombe States, and both have given me assurances of their unwavering commitment and willingness to ensure support and cooperation in these localities as this activity affects the local populations.

“I urge the NNPC Ltd, NNDC, and their Strategic partners to ensure all lessons learnt from our years of experience as an oil-producing nation are utilized to ensure harmonious relationship with the local communities.”

In his remarks, Minister of State for Petroleum Resources, Timipre Sylva, who recalled his relationship with the project, expressed his delight to be associated with the project as Minister having worked with a former Minister of Petroleum Resources when NNDC won the oil prospect lease being flagged off Tuesday.

Also speaking at the event, the Group CEO NNPCL, Mele Kolo Kyari, noted that the search for oil and gas in the frontier basins of Chad, Sokoto, Anambra Platform, Calabar Embarkment, Benue Trough, Dahomey, Bida and the Ultra Deepwater Niger Delta had spanned decades without significant outcomes.

“However, the singular determination of Mr President to ensure optimum exploration and exploitation of our natural resources and Your Excellency’s consequential directives for NNPC Limited to strategize and utilize available human, technological and other material resources to prosecute exploration activities in all Frontier Basins resulted in the discovery of commercial oil and gas deposits in the Kolmani Prospect in April 2019,” Kyari added.

There were also goodwill messages from the Governors of Bauchi and Gombe States, Bala Mohammed and Mohammed Inuwa Yahaya respectively, Chairman Northern Governors’ Forum and Governor of Plateau State, Simon Lalong, Senate President, Ahmad Lawan, as well as the APC Presidential Flag bearer, Asiwaju Bola Ahmed Tinubu.

 

Leave a Comment

Your email address will not be published.

You may also like

Business Economy

Self-sustainability solutions and smart technology will help South Africa overcome its water crisis

post-image

 

 

Technology company, Versofy, best known for its solar solutions and services, says that preparing for South Africa’s water crisis should become a significant priority. The company, which is fast becoming a necessity-driven entrepreneurial brand, believes that further use of smart technology will also remain critical when addressing the pressing issues of water scarcity in South Africa.

 

Ross Mains-Sheard, Co-Founder and CEO of Versofy, says that South Africa’s water crisis is fast approaching scarcity status: “We believe that by promoting self-sufficiency and sustainability through our own smart technology solutions, we will help to address the increasing concerns regarding an imminent water shortage.”

 

The Development Bank of Southern Africa (DBSA) estimates that 2.2 billion people across the globe don’t have access to clean drinking water. This is of concern when considering that water is a basic need for health and hygiene.   According to DBSA, South Africa’s physical water scarcity will become…

Read More
Business Culture Economy Entertainment Investments

Nigerians Rally Against DSTV’s High Subscription Rates, Embrace SLTV as Affordable Alternative – Anthony Emeka Nwosu

post-image

 

Amid mounting dissatisfaction with DSTV’s steep subscription fees, Nigerians are turning to SLTV in droves, marking a significant shift in the country’s television landscape.

The online outcry against DSTV gained traction when Mike Igozino voiced his frustration, announcing his switch to SLTV and condemning DSTV’s exploitation of hard-earned income. His sentiments resonated widely, sparking a wave of support for SLTV as a more economical option for premium entertainment.

“I can watch all Premier League, Champions League, Italian and Spanish leagues with just #5K monthly?! And DSTV collects 23,800 from me monthly… Nigerians, shine your eyes, DSTV came to steal from us,” declared Igozino, encapsulating the sentiment of many disillusioned consumers.

Jennifer Chioma Owolabi echoed the sentiment, expressing her eagerness to explore SLTV as a viable alternative to DSTV. She sought insights into SLTV’s offerings beyond sports channels, highlighting the growing interest in diversifying entertainment options.

Read More
Business Economy Society Software

Azentio Software wins three honours at IBS intelligence (IBSi) Digital Banking Awards 2024

post-image

Azentio Software (“Azentio”) (www.Azentio.com), a Singapore-headquartered technology firm owned by funds advised by Apax Partners, announced today that it has won three awards with its respective clients, at the IBSi Digital Banking Awards 2024 ceremony, held as a part of the prestigious Cedar-IBSi Digital Banking & AI Summit, on April 19 in Bengaluru, India. The company was declared Segment Winners I SME/Corporate Banking, Regional Winners I Middle East & Africa, and Segment Winners I Compliance Management.

 

Organised by IBS intelligence (IBSi), one of the world’s leading financial technology research, advisory, and news analysis firm firms, the annual award program honours technology players, Banking as a Service (BaaS) providers, digital banks, neo banks, and challenger banks for their excellence in driving impact through technology implementations and innovations using emerging technologies.

The Azentio Accolades

  • Digital Badge of Segment Winners I SME/Corporate Banking
  • Digital Badge of Regional Winners I…
Read More
Announcements Business Economy

Ethnos Hosts FinTech Association of Nigeria for Collaborative Discussions on Cybersecurity

post-image

 

Ethnos, a leading cybersecurity firm based in Lagos, recently welcomed the esteemed members of the FinTech Association of Nigeria to their premises for a collaborative meeting aimed at enhancing cybersecurity measures within the financial technology sector.

The event provided an invaluable platform for industry stakeholders to engage in insightful discussions on the evolving landscape of cybersecurity in Nigeria’s burgeoning fintech industry. Led by Peter Ejiofor, the CEO of Ethnos, the gathering underscored the importance of fostering strong partnerships to fortify cybersecurity frameworks and mitigate emerging threats.

Expressing gratitude to the FinTech Association of Nigeria for their visit, Peter Ejiofor remarked, “Thank you to the FinTech Association of Nigeria for stopping by at our office. It was a pleasure hosting such esteemed professionals, and we are committed to fostering positive progress and achievements in our collaborative efforts moving forward.”

The meeting exemplified Ethnos’ dedication to promoting cybersecurity excellence and its commitment to supporting…

Read More
Business Economy Technology Technology Trends Telecoms

Africa Data Centres debuts ADC Channel programme

post-image

The primary goal of ADC Channel is to foster collaboration among partners within the ISP, Carrier, Telecommunications, Systems Integration, ICT and Data Centre providers; Channel Partners will have additional product offerings to add to their current portfolio and in turn generate new revenue streams; The programme offers partners easy access to data centre experts and will provide ongoing commercial and technical support.

Africa Data Centres, a division of the Cassava Technologies group, is excited to announce the launch of its exclusive channel partner programme, ADC Channel. This programme is designed to establish colocation and ecosystem partnerships, empowering members to expand their product portfolio & offerings alongside their market presence including an expanded data centre footprint.

ADC Channel presents a unique opportunity for global carriers, Internet Service Providers (ISPs), system integrators, Data Centres, Mobile Network, Content Developer, telecommunications companies, network infrastructure operators, hyperscalers and others to deliver state-of-the-art, sustainable and cost-effective digital solutions to…

Read More
Business

Chinenye Anuforo Honored with MTN Nigeria Foundation Chairman’s Award for Outstanding Reportage

post-image

 

Chinenye Anuforo, a distinguished journalist with The Sun Newspapers, has been recognized with the prestigious MTN Nigeria Foundation Chairman’s Award for Innovative Reportage. The award ceremony took place during the School of Media and Communication’s (SMC) graduation ceremony for the MTN Media Innovation Program (MIP-2).

Presented by Mrs. Odunayo Sanya, the Executive Director and Board Member of MTN Foundation, along with a cash prize, the award acknowledges Chinenye’s exceptional report on the MTN Foundation Y’ellopreneur initiative. This initiative focuses on empowering women entrepreneurs by providing essential tools such as training, funding, and mentorship.No alt text provided for this image

Chinenye’s report highlighted the significant impact of the Y’ellopreneur initiative on women’s entrepreneurial aspirations in Nigeria. Her insightful exploration of the program’s contributions earned her this esteemed recognition.

Expressing her gratitude, Chinenye Anuforo stated, “I am pleased to receive the MTN Foundation Chairman’s…

Read More
Business Economy Environment Society Tourism Travels

Transcorp Hotel Expands to Lagos with Ambitious Project

post-image

 

Transcorp Hotels Plc, under the leadership of Tony Elumelu, is set to establish its presence in Lagos with the construction of the Transcorp Hotel Ikoyi Lagos. The upcoming 20-story property, slated for completion in 2027, aims to offer 315 rooms, positioning itself as a formidable competitor to industry giants like Marriott and Sheraton.

The project, which faced delays in its development, has now resumed construction after overcoming various challenges. With 90% of the company’s current revenue stemming from its Abuja property, known as Transcorp Abuja, the Lagos venture marks a strategic move to diversify earnings and expand its footprint in the hospitality sector.

Dupe Olusola, the Managing Director and Chief Executive Officer of Transcorp Hotels Plc, emphasized the significance of the Lagos expansion, highlighting its potential to drive revenue growth and enhance the firm’s position in the hospitality market. Financing options, including equity…

Read More
Business Economy Events Technology Technology Trends

Hanson Johnson of Start Innovation Hub Propels Akwa Ibom’s Transformation into an ICT Hub

post-image

 

In a pivotal move aimed at reshaping the economic landscape of Akwa Ibom State, Hanson Johnson, the Founder/CEO of Start Innovation Hub and a prominent figure in the digital ecosystem, has unveiled plans for the Akwa Ibom Tech Week. This initiative marks a significant step towards transitioning the state from its reliance on oil and agriculture to becoming a thriving center for Information and Communication Technology (ICT).No alt text provided for this image

During a recent address, Johnson articulated his vision for the region, stating, “There’s been extensive deliberation within closed circles regarding our shared ambition to transform Africa into a hub for living, working, and creating opportunities, starting right here in Akwa Ibom State 😜. Out of these discussions emerged Akwa Ibom Tech Week and numerous other initiatives, including the Ibom Innovation Network, designed to foster collaboration among innovators.”

Expressing his…

Read More